All reports tagged with: "reduction"
Sewerage rates in Cyprus, which are based on a property’s value as determined by the Land Registry need to be revised following the property revaluation exercise carried out in 2013 to prevent astronomic rises.
In an announcement published earlier today the Cyprus Finance Ministry advised that it has lifted the temporary 50 per cent reduction in Property Transfer Fees for transfers that take place by 31st December 2016
Yesterday the Council of Ministers approved a 50 per cent reduction in the Immovable Property Tax rate and put an end to the property tax collected by municipalities and communities.
The law reducing the Cyprus Property Transfer Fees for transfers that take place before 31 December 2016 has been published and will be particularly welcomed by those waiting for their deeds.
Following a unanimous vote by MPs at the House plenary earlier today, Property Transfer Fees are to be cut by 50 per cent on all property sales that take place before 31 December 2016.
Cyprus real estate taxes are steep, unpredictable and complex and must be reduced and simplified if the island’s property sector is to survive and prosper; owning property must be profitable.
A 50 per cent reduction in the Property Transfer Fees is being considered by government to help clear the Title Deed backlog as part of the changes designed to rationalise property taxation.
Cyprus Interior Minister Socrates Hasikos has said that there will be no reduction in Property Transfer Fees this year but it will be considered as part of a wider reform of property taxation next year.
There are still 39,490 Title Deeds that have not been transferred and it appears that there are many purchasers who are unable or unwilling to pay the unreasonably high property transfer fees.